The State Oil Company of Azerbaijan Republic (SOCAR) and Switzerland-based commodity trading house Aurora Progress will partner in the development of oil storage facilities, including the new 641,000m3 oil products storage terminal being built in the Port of Fujairah, UAE.
The SOCAR Aurora Fujairah Terminal consists of 641,000m3 of storage across 20 tanks and can handle fuel oils, petrol, naphthas and middle distillates including diesel, gasoil and jet and kerosene, and will be equipped with both tank-to-tank and in-line blending facilities.
SOCAR Aurora will be an independent terminal operator offering storage capacity to third parties. The Port of Fujairah is commissioning a new multi berth facility for the receipt and loading of oil tankers this year.
The SOCAR Aurora terminal will be amongst the first to make use of this new vessel handling capacity in the growing energy hub of Fujairah. The company is currently studying contractors bids after the initial civil works have been completed.
The development in Fujairah is in a key trading hub where volumes are increasing substantially clearly this is a strategic asset for the future development of the SOCAR group, SOCAR Trading CFO Zaur Gahramanov comments.
SOCAR will be represented in the partnership through SOCAR Trading. SOCAR Trading may itself rent some of the capacity in the terminals under development, but first and foremost these are going to be tank storage operations that will be providing first rate services to customers.
We are now focusing on the construction of the first phase of our Fujairah terminal to be operational early next year, Ammar Kutait of Aurora adds.